"CALL IT AN OBAMA DEPRESSION / DESPITE WALL STREET CELEBRATION"

[WhiskeyGirl]

CALL IT AN OBAMA DEPRESSION / DESPITE WALL STREET CELEBRATION

August 7th, 2009 4:16 PM   

Allen L Roland

President Obama inherited a Bush recession but instead of initiating badly needed banking reforms ~ Obama chose a top down Wall Street bailout which accelerated Main Street's agony to the extent that it is now an Obama Depression:


Obama's top down banking rescue has temporarily bailed out Wall Street and left Main Street still in ruins ~ setting the stage for a major Depression. As N.Y. Attorney General Cuomo's recent report shamefully notes: "Two firms, Citigroup and Merrill Lynch suffered massive loses of more than $27 billion at each firm. Nevertheless, Citigroup paid out $5.33 billion, in bonuses, and Merrill paid $3.6 billion in bonuses. Together, they lost $54 billion, paid out nearly $9 billion in bonuses and then received TARP bailouts totaling $55 billion. For three other firms ~ Goldman Sachs, Morgan Stanley, and J.P. Morgan Chase ~ 2008 bonus payments were substantially greater than the banks' net income."

Make no mistake about this ~ Government tax revenue is now the worst since the great Depression, the federal deficit has ballooned to a record $1.8 trillion, unemployment continues to skyrocket and we are obviously in a major Depression. The sooner Obama stops wishful thinking and faces this reality ~ the better.

William Gayle, co-coordinator of the Tax Policy Center, sums up Obama's dilemma ~ " If the economy doesn't recover soon, it doesn't matter matter what your social, economic and political agenda is ~ There's not going to be any revenue to pay for it ! "

Columnist Mike Whitney also says let's Skip The Happy Talk ~ This Depression is just beginning "...The uptick in GDP last quarter was almost entirely the result of the surge in government spending; ie "fiscal and monetary stimulus"...

This is no longer a free market ~ it's a manipulated market in servitude to the major banks of Wall street ( particularly Goldman Sachs ) while the secretive Federal Reserve holds the world in financial bondage...

read more of the horror here -

http://www.thepeoplesvoice.org/TPV3/Voices.php/2009/08/07/call-it-an-obama-depression-despite-wall

There is also an excellent cartoon at the site.

[Edward]

It is not a depression because there are various sectors of our economy not in trouble.
They charge what ever they want.. there employee's make good money to spend in there local economy..
Legal. Medical. Social Services. Electronics. High End Manufacturing. R and D Labs. Insurance companies. Petroleum companies.
Just to name a few, so just to consider the point that, besides for banks..
There are many other areas of our economy not suffering...... YET.